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‘Very Exciting’ Deal: Amazon Buying MGM Studios for $8.45 Billion

The Hollywood studio, MGM, indicated its readiness to be acquired in December 2020, rolling out a price tag of around $5 billion at the time.

Amazon has announced the purchase of the Metro-Goldwyn-Mayer (MGM) movie studio for $8.45 billion, the company’s second-largest acquisition since it bought Whole Foods in 2017 for $13.7 billion.

Announcing a merger agreement with MGM on Tuesday, Mike Hopkins, senior VP of Prime Video and Amazon Studios, underscored that “the real financial value behind this deal is the treasure trove of [intellectual property] in the deep catalog that we plan to reimagine and develop together with MGM’s talented team”.

He added that “it’s very exciting and provides so many opportunities for high-quality storytelling”.

Hopkins recalled that MGM productions have collectively won more than 180 Oscars and 100 Emmys.

Amazon declined to elaborate on when the MGM acquisition will be closed, given that the deal is subject to regulatory approvals and other usual closing conditions.